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Value
Added
Tax (Amendment) (NO.2) Act,
2015 (Act
870)
ARRANGEMENT
OF SECTIONS
Section
1.
Section
6 of
Act 870
amended
2.
Section 57 of
Act 870 amended
ACT
OF THE PARLIAMENT OF THE
REPUBLIC OF GHANA
ENTITLED
VALUE ADDED TAX (AMENDMENT)
(NO.2) ACT, 2015
AN ACT to amend the Value Added
Tax Act, 2013 (Act 870) to
increase the monetary threshold
for registration under the Act
and to increase the percentage
of tax revenue required to be
set aside for the Ghana Revenue
Authority General Refund
Account.
DATE OF ASSENT:
PASSED by Parliament and
assented to by the President:
Section 6 of Act 870 amended
1. The Value Added Tax Act, 2013
(Act 870), referred to in this
Act as the principal enactment,
is amended in section 6
(a)
by the substitution for
subsection (1) of
"( I) Except as otherwise
provided in this Act, a person
who is engaged in a taxable
activity and is not registered
for tax purposes shall register
if
(a)
at the end of any period of
twelve or less months, the
person made, during that
period, taxable supplies
exceeding two hundred thousand
Ghana Cedis; or
(b)
at the end of any month, there
are reasonable grounds to expect
that that person will make
taxable supplies in the next
twelve or less months exceeding
two hundred thousand Ghana Cedis.";
and
(b) by the substitution for
subsection (2) of "(1) Despite
subsection (1), a person shall
register if
(a)
at the end of any period of
three months, the person made,
during that period, taxable
supplies exceeding, fifty
thousand Ghana Cedis; and
(b)
there are reasonable grounds to
expect that the total value of
taxable
supplies made by that person
during that period and to be
made during the next consecutive
nine months will exceed two
hundred thousand Ghana Cedis." .
Section 57 of Act 870 amended
2. The principal enactment is
amended in section 57 by the
substitution for subsection (1)
of
"(1) The Minister shall set
aside an amount of not more than
six percent of the total revenue
collected under this Act and any
other enactment administered by
the Commissioner-General, in an
account designated as the "Ghana
Revenue
Authority General Refund
Account".".
Date of Gazette
notification: |
